59,542 Shares in Wells Fargo & Company $WFC Bought by Chou Associates Management Inc.

Chou Associates Management Inc. bought a new position in Wells Fargo & Company (NYSE:WFC) in the second quarter, HoldingsChannel reports. The fund bought 59,542 shares of the financial services provider’s stock, valued at approximately $4,921,000. Wells Fargo & Company accounts for approximately 2.3% of Chou Associates Management Inc.’s investment portfolio, making the stock its 11th biggest position.

Several other large investors have also recently bought and sold shares of the company. Godfrey Financial Associates Inc. bought a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $25,000. Miller Capital Partners Inc. acquired a new position in shares of Wells Fargo & Company in the fourth quarter valued at approximately $25,000. Navalign LLC acquired a new position in shares of Wells Fargo & Company in the fourth quarter valued at approximately $26,000. Joseph Group Capital Management bought a new position in Wells Fargo & Company in the 4th quarter valued at approximately $28,000. Finally, Phillip James Consulting Co. bought a new position in Wells Fargo & Company in the 1st quarter valued at approximately $28,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

Shares of WFC opened at $84.82 on Wednesday. The business has a 50-day moving average of $86.11 and a 200-day moving average of $82.79. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $256.51 billion, a price-to-earnings ratio of 12.33, a price-to-earnings-growth ratio of 0.92 and a beta of 0.92. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, beating the consensus estimate of $1.73 by $0.23. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The business had revenue of $22.62 billion for the quarter, compared to analysts’ expectations of $21.86 billion. During the same period in the prior year, the business posted $1.60 earnings per share. The firm’s revenue was up 8.6% on a year-over-year basis. As a group, equities research analysts anticipate that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.4%. The ex-dividend date is Friday, August 7th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.07%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on WFC shares. Truist Financial lifted their target price on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. Morgan Stanley upped their price target on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Sunday, June 14th. Bank of America lifted their price target on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, Wells Fargo & Company has an average rating of “Moderate Buy” and an average target price of $98.61.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.